FAQ - BUYING AZARA PROPERTIES
Q & A Here are some of the questions we regularly get asked, answered in simple terms.
Q: What do I need to buy property from AZARA Projects? The first step is to enquire on the project website or call us. Once you have selected the apartment or townhouse you would like to buy from us, we will need a $2,000 reservation fee from you to place the property on hold for you and prepare your contract. From the date of reservation, you have 7 days to pay your full 10% deposit and sign and submit your contracts. The final 90% of the purchase price is payable at settlement. Q: What is a depreciation schedule? A depreciation schedule ultimately will help you pay less tax if you have bought a property as an investment. The amount the depreciation schedule says you claim effectively reduces your taxable income. If you've purchased a property as an investment for income-producing purposes, you are entitled to depreciate the items within the building and the cost of the building itself, against your accessible income. There are two types of depreciation allowances available: Plant and Equipment, and Building Allowance. These costs can be offset against your income. Plant and Equipment includes items within the building like ovens, dishwashers, flooring, blinds etc. Building Allowance refers to construction costs of the building itself, such as concrete and brickwork. A Quality Surveyor needs to conduct an assessment to issue you a depreciation schedule. This process can take around 2-3 weeks.
Q: I want to find out more about First Home Owners Grant. If I'm buying my first home am I eligible for any assistance? If you are buying your first home with the intention of living in the home then you will most likely qualify for the First Home Owners Grant (FHOG). What is the FHOG? First home buyers in Australia purchasing property with the intention to occupy the property may be eligible for the Federal First Home Owners Grant (FHOG). In addition, many of the states have their own First Home Owners Grant programs in place. Where can I find out more about it? Queensland first home buyers should visit http://firsthomeowners.initiatives.initiatives.qld.gov.au for lots of great information on the grants available to eligible first home buyers. Q: What is an Owners Corporation/Body Corporate? An Owners Corporation (previously known as a Body Corporate) is a group that collectively manages a building that features more than one lot. An Owners Corporation is responsible for the general maintenance to the common property; gardens, lobbies, lifts, amenities, pathways etc.
Q: Can you tell me more about Stamp Duty? What is it? When you buy property in Queensland, you are subject to Stamp Duty. Stamp Duty is a tax payable on the transfer of land, and is based on the market value of the land and the buildings on it at the time of purchase. The State Revenue Office for Queensland provides outlines on Stamp Duty and great tools for calculating stamp duty as it varies based on when the contract was entered into. Visit www.qld.gov.au How much will be paid? Stamp Duty payable will vary depending on the value of the property you intend to buy and the stage of completion. For off-the-plan purchases, the general rule is that the closer the date to completion, the more tax will be paid. Therefore purchasing off-the-plan can save you thousands of dollars, as you only pay a duty on the value of the property at the time of purchase. The easiest way to get an idea of how much Stamp Duty you will need to pay is to use a Stamp Duty calculator which will give you a guideline. When is it paid? Stamp Duty is payable on the transfer of land which is completed at settlement for a property. The duty is calculated based on the contract date, so if you signed your contract on 14 February 2014, then the duty is calculated based on the date 14 February 2014, not on the day you settle the property. Stamp Duty is payable on settlement of the property.
